In 2028, the Washington sports teams Capitals and Wizards will relocate to a new complex in Virginia.

• The Washington Capitals of the NHL and the Washington Wizards of the NBA are scheduled to relocate to Alexandria, Virginia.
• The $2 billion entertainment complex project is a joint effort between the state of Virginia and Monumental Sports & Entertainment, which owns both professional sports teams.
• The complex is expected to open in late 2028, pending legislative approval.

The Washington Capitals and Wizards of the National Hockey League and National Basketball Association, respectively, will relocate to Alexandria, Virginia, as part of a $2 billion entertainment complex project, as announced by Gov. Glenn Youngkin on Wednesday.

The new global headquarters for Monumental Sports & Entertainment, which owns the Capitals and Wizards, as well as the new home arena for the teams, will be developed in a 9 million square foot district 8 miles south of Washington, D.C. The district will also feature mixed-use retail, hotel and conference spaces.

The Commonwealth will now have two professional sports teams, a new corporate headquarters, and over 30,000 new jobs, making it the most visionary sports and entertainment development in the world, according to Youngkin.

The construction on the complex is scheduled to commence in 2025 and it will be completed by late 2028.

The creation of the complex is subject to legislative approval and will require legislators' approval in the next Virginia General Assembly session.

The $2 billion investment will be funded through bond sales and a $403 million contribution from Monumental Sports & Entertainment.